Clarkston Capital Partners LLC Sells 611,770 Shares of Brown & Brown, Inc. (NYSE:BRO)

Clarkston Capital Partners LLC reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 38.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 976,515 shares of the financial services provider’s stock after selling 611,770 shares during the period. Brown & Brown makes up approximately 1.9% of Clarkston Capital Partners LLC’s investment portfolio, making the stock its 18th biggest position. Clarkston Capital Partners LLC owned 0.34% of Brown & Brown worth $101,167,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crewe Advisors LLC increased its position in Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in shares of Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after buying an additional 200 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Brown & Brown during the third quarter worth $29,000. Blue Trust Inc. lifted its stake in shares of Brown & Brown by 142.3% in the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 323 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in shares of Brown & Brown by 65.7% during the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 211 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insider Transactions at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $110.05 on Monday. The stock has a market cap of $31.47 billion, a price-to-earnings ratio of 29.99, a P/E/G ratio of 2.54 and a beta of 0.82. The stock’s 50-day moving average is $105.38 and its 200 day moving average is $98.09. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.15 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. Brown & Brown’s dividend payout ratio is presently 16.35%.

Analyst Ratings Changes

Several research firms have recently issued reports on BRO. Royal Bank of Canada upped their price objective on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Barclays started coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price target for the company. StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Bank of America increased their price objective on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Raymond James lifted their target price on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $106.50.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.